ETH price fell below the one hundred and ninety-two dollars($182.945) support level on 16th August, exposing it to the one hundred and sixty-four dollars ($164) support further below.

Next up was the steady decline to one hundred and sixty dollars ($160). But the support points didn’t fail to sustain ETH price above one hundred and eighty dollars ($180.55) acting as its savior. If all hell had broken loose, we would have seen Ethereum price at a hundred dollars ($100.75).

Ethereum price analysis further reveals that while things might turn out good for ETH price and its price may start inclining the graph – both the moving averages give no plausible reason to hope for a bearish rebound as the trend currently is towards the bottom. The relative strength index (RSI) also calls the traders out to sell in their chips while the selling is good.

At the time of writing this article, Ethereum’s market cap is nineteen million dollars ($19,955,435,269) ad it trades at one hundred and ninety-four dollars ($194.37). The circulating supply amounts to 0.1 million ETH (107,356,928).

Ethereum price analysis: Resistance/Support

Speaking of the averages, the twenty-day (20) exponential moving average (EMA) and the fifty (50) day simple moving average (SMA) will offer resistances to ETH price at one hundred and ninety-six dollars ($196.51) if the bulls fight two hundred dollars ($200) mark again.

Up next on the graph, the bears can expect some resistance at the two hundred and twenty dollars ($220) if the moving average resistance and the one hundred and ninety-six (196.51) mark does not prove troublesome enough.

Careful observation of the graph (above) gives a clear picture of the bearish downward triangle pattern, and the prices are all enclosed within it.

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About The Author

Journalist, Writer, Editor, Researcher, and Strategic Media Manager With over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.